Adani Power to merge unit Growmore Trade in USD 531m deal

Adani Power will merge group firm Growmore Trade and Investment Private Ltd, Mauritius with itself, the company said on Thursday, in a stock deal worth Rs 23.6 billion (USD 531 million).

July 08, 2011 / 19:08 IST

Adani Power will merge group firm Growmore Trade and Investment Private Ltd, Mauritius with itself, the company said on Thursday, in a stock deal worth Rs 23.6 billion (USD 531 million).

The merger is effective April 1, 2011, and would be at a share swap ratio of 16,615 shares of Adani Power of Rs 10 each for every 10,000 ordinary shares of USD 1 each of Growmore, Adani Power said in a statement to the exchange.

A total of 213.2 million shares of Adani will be issued to Growmore as a result of this swap deal, it said.

Ernst & Young Pvt Ltd were independent valuers to the deal and ICICI Securities provided a "fairness opinion", it said.

No other details were provided.

Adani Power shares closed at Rs 110.55 at the National Stock Exchange on Thursday.

first published: Jul 8, 2011 08:58 am

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